Low deposits for first-time buyers

Sovereign Living and Newbury Building Society launch new mortgage product

FIRST time buyers in West Berkshire can now get on the housing ladder with deposits as low as five percent, thanks to a partnership between two companies.

Sovereign Living and Newbury Building Society have agreed to launch a new mortgage product specifically designed for first time buyers, including those aged under 25, who have traditionally struggled to finance their homes.

The mortgages will only be available to those interested in buying homes from Sovereign Living, under a shared ownership scheme, but 12 buyers have already agreed mortgages.

The chief executive of Newbury Building Society, Roland Gardner, said: “This new and exciting partnership will help people throughout the area fulfil their aspirations and own their own home. This in turn helps our communities and the local economies.”

Prospective buyers can expect to pay 5.99 per cent interest and can contact Sovereign Living on 0845 602 1618.